Tag: Peso

BSP Calls for Anti-Counterfeiting Campaigns in Malls, Supermarkets and Wet Markets

BSP Calls for Anti-Counterfeiting Campaigns in Malls, Supermarkets and Wet Markets

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Counterfeiting of money is a hot issue right now in the Philippines as the Bangko Sentral ng Pilipinas (BSP) called for targeted anti-counterfeiting campaigns in specific places of trade and commerce, according to a business news report by the Manila Bulletin.

To put things in perspective, posted below is an excerpt from the Manila Bulletin report. Some parts in boldface…

The Bangko Sentral ng Pilipinas (BSP) is calling for targeted anti-counterfeiting campaigns in shopping malls, supermarkets, and wet markets after these locations emerged as the main sources of fake banknotes and coins recovered last year.

Data from the 2024 BSP annual report published in June showed that counterfeits were “frequently recovered in areas with high foot traffic, such as shopping malls (27.2 percent), supermarkets (25.9 percent), and wet markets (20.9 percent).”

“This highlights the need for targeted anti-counterfeiting campaigns in these areas,” the report said.

According to the central bank report, the ₱1,000 paper banknote was the most counterfeited bill, accounting for 59.9 percent or the majority of documented counterfeits last year. The ₱500 paper banknote was the second-most counterfeited bill at 19.3 percent.

Notably, there were a very low number of cases of counterfeit ₱1,000 polymer banknotes. Recording only three “low-quality” counterfeits in 2024, the BSP noted that the three-year-old ₱1,000 polymer banknote has shown “resilience” against counterfeiting.

“These counterfeit polymer banknotes were printed on paper, with the transparent portions cut out and substituted with substandard plastic, making them easily detectable by the public,” the BSP said.

Fake coins also dropped significantly by 87.8 percent last year, noting that there were fewer than one fake coin for every one million real coins in circulation. Most counterfeit coins were leftovers from previous years, mostly five-peso coins from the BSP coin series.

The BSP attributed this substantial decline in counterfeited banknotes and coins to the “enhanced security features of the New Generation Currency (NGC), including the micro-printed details and laser-engraved designs.”

These added features made it more challenging for fraudsters to copy and reproduce the currencies, the BSP said.

Most counterfeiting involved inkjet printing, accounting for 79.7 percent of the recorded cases. Laser printing was next at 12.6 percent, while tampered security threads accounted for 7.6 percent.

When it comes to location, most fake currencies were found in Metro Manila, at 52.2 percent, followed by the provinces of Cavite, Laguna, Batangas, Rizal, and Quezon (collectively known as CALABARZON), at 12.2 percent.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think counterfeiting in the Philippines will get worse over the next twelve months? Do you think the local supermarket, wet market or shopping mall are hot spots of fake banknotes and coins? Who do you think is responsible for the rise of counterfeit money? Do you think the BSP’s research about counterfeiting is accurate?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Stakeholders and analysts perceive VAT refund limit for tourists just right to ensure small businesses will benefit

Stakeholders and analysts perceive VAT refund limit for tourists just right to ensure small businesses will benefit

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As far as the analysts and tourism stakeholders are concerned, the minimum purchase requirement for non-resident tourists to qualify for the value-added tax refund is just right in relation to benefiting the small businesses, according to a BusinessWorld news report. There is, however, one dissenting opinion.

To put things in perspective, posted below is an excerpt from the news report of BusinessWorld. Some parts in boldface…

THE P3,000 ($51) minimum purchase requirement for nonresident tourists to qualify for a value-added tax (VAT) refund is “just right” to ensure small businesses benefit, analysts said.

President Ferdinand R. Marcos, Jr. recently signed into law Republic Act (RA) No. 12079, which allows tourists to claim VAT refunds on purchases worth at least P3,000 from government-accredited stores, in an effort to boost tourism receipts.

“The P3,000 is just right to benefit micro, small and medium enterprise (MSME) retailers and local products,” Philippine Retailers Association (PRA) President Roberto S. Claudio said. He said the purchase cap is kept to a minimum to benefit locally made products.

“I think it’s a good entry and good starting point. Some countries are still higher than P3,000 as well. I think we’re above the middle, so I think that’s a good place to be,” Tourism Congress of the Philippines President James M. Montenegro said via phone call.

Under RA 12079, the value of the locally bought goods from accredited stores must reach at least P3,000 per transaction, provided these goods are taken out of the country within 60 days of purchase.

“This law is primarily designed to boost tourist arrivals and expenditure. Hopefully, it will also increase the sales revenue of retailers,” Mr. Claudio said.

Mr. Montenegro said the minimum purchase amount could be adjusted in the future.

The threshold is subject to review and adjustment every three years by the Finance secretary, upon recommendation of the Commissioner of Internal Revenue, considering the inflation data from the statistics agency.

“I think the minimum rate is at par with our ASEAN [Association of Southeast Asian Nations] neighbors. If you look at the minimum amounts in other countries, it is almost the same,” Eleanor L. Roque, a tax principal at P&A Grant Thornton, told BusinessWorld.

The Philippines has joined other ASEAN countries with a tax refund program for nonresident tourists. The scheme has increased retail activity, particularly in sectors such as fashion, electronics and souvenirs.

In Malaysia, the minimum purchase is 300 ringgit ($67). Singapore allows tourists to spend at least S$100 ($74), while in Indonesia, it starts at 500,000 rupiah ($31).

“It is good to have a minimum amount as it limits the refund claim to valuable expenses. De minimis spendings are normally not considered for VAT refund as it is not administratively practical. In some cases, the cost will be more expensive than the amount being refunded,” Ms. Roque said.

She said the government should tap accredited international firms in the VAT refund processing, adding that the “government should take advantage of the track record and best practices of these known companies.”

Ms. Roque said the government should ensure the goods bought are really brought out of the country.

“Physical inspection of the goods when exiting the country should be strict to ensure that local buyers do not use tourists for availing themselves of the VAT refund,” she added.

However, Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said the P3,000 threshold “may not be enough to significantly encourage higher spending among affluent tourists,” especially compared with ASEAN counterparts.

“A higher or more flexible threshold might align better with international best practices and encourage larger purchases,” he said.

Mr. Rivera also urged the government to simplify the VAT refund process, rather than make it “extra bureaucratic.”

Let me end this post by asking you readers: What is your reaction to this recent development? Do you consider the current purchase requirement for the VAT refund for foreign tourists a proper amount? Do you think foreign tourists will be receptive to the current standard for VAT refund of their purchases here in the Philippines?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

The newest polymer bank notes from the BSP

The newest polymer bank notes from the BSP

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Recently the Bangko Sentral ng Pilipinas (BSP) unveiled the newest polymer bank notes which were described as crisp and capable of withstanding tough conditions, according to a news feature by the Manila Bulletin.

To put things in perspective, posted below is an excerpt from the article of the Manila Bulletin. Some parts in boldface…

The familiar crinkle of a crisp paper bill, the faded ink from countless transactions, the subtle tear at the edge – these are the hallmarks of the Philippine piso as many know it. But come January, Filipinos will begin to experience a currency revolution.

The Bangko Sentral ng Pilipinas (BSP) is ushering in a new era with the first series of polymer banknotes, a move that signifies more than just a change in material. It’s a leap towards a more secure, sustainable, and hygienic future for the nation’s currency.

Imagine pulling out a banknote that feels smoother, almost plastic-like, and noticing intricate details that shimmer under the light. This is the promise of the new polymer piso.

These banknotes, designed to last longer and withstand the rigors of daily use, are imbued with advanced security features that make counterfeiting a near impossibility. Microprinting, tactile elements, and clear windows are just some of the technologies embedded within these notes, providing a robust defense against fraudulent activities and bolstering public confidence in the currency.

“We have the mandate of issuing the currency, and we always try to look for ways to improve our currency,” explains BSP Assistant Governor Mary Anne Lim. “In improving our currency, we consider the needs of our users in utilizing it, and also advances in technology when it comes to printing and using our banknotes.”

The shift to polymer addresses a critical concern in today’s world: hygiene. Paper banknotes, passing through countless hands, can harbor bacteria and viruses. Polymer notes, on the other hand, are less hospitable to these pathogens.

Their non-porous surface makes it harder for microbes to cling and survive, contributing to a healthier and safer transaction experience in a post-pandemic world.

But the BSP’s vision goes beyond practicality. The new banknotes are also an opportunity to celebrate the Philippines’ rich biodiversity and cultural heritage.

Each denomination features a carefully chosen endangered species, a poignant reminder of the country’s unique natural treasures and the need for their conservation.

The 1,000-piso note, already in circulation since April 2022, showcases the majestic Philippine eagle soaring above the Tubbataha Reefs Natural Park, a UNESCO World Heritage Site.

The 500-piso note features the elusive Visayan spotted deer amidst the lush greenery of the Puerto Princesa Subterranean River National Park.

The 100-piso note highlights the vibrant Palawan peacock-pheasant against the backdrop of the iconic Mayon Volcano, while the 50-piso note presents the playful Visayan leopard cat with the serene Taal Lake in the background.

These visuals are complemented by intricate designs inspired by traditional weaving patterns, showcasing the artistry and craftsmanship of different Filipino communities. The banknotes, therefore, become more than just a medium of exchange; they transform into miniature canvases that tell a story of the Philippines’ natural wonders and cultural heritage.

“The polymer series raises awareness of the country’s threatened species, serves as a symbol of Filipino identity, and fosters national pride,” shares BSP Governor Eli M. Remolona, Jr., highlighting the inspiration and symbolism behind the chosen themes

The environmental impact of currency production is another crucial factor considered by the BSP.

Polymer banknotes, with their longer lifespan, reduce the need for frequent replacements. This translates to less paper consumption, lower energy use in production, and a smaller carbon footprint. The BSP’s commitment to sustainability is evident in this conscious choice of material, aligning with the global push towards eco-friendly practices.

The transition to polymer banknotes is a milestone in the Philippines’ journey towards modernization. It’s a testament to the BSP’s proactive approach to currency management, ensuring that the Philippine piso remains secure, resilient, and relevant in a rapidly changing world.

Let me end this post by asking you readers: What is your reaction to this recent development? Are you receptive towards the newest polymer bank notes from the BSP? What do you think of the new P500, P100 and P50 bills? Do you have a problem about the new bills not showing historical people of the Philippines?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

More than P950 million deposited through BSP’s coin machines

More than P950 million deposited through BSP’s coin machines

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Almost a billion Pesos worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of September 15, 2024, as published on their website.

Based on the latest statistics, a total of  P950,361,380.76 (14.26% higher than the previous count of P831,774,151.23) in coins got deposited into BSP machines on  228,482 transactions (13% higher than the previous count of 202,110 transactions) from customers. In terms of physical quantity, 250,352,704 in coins were deposited. The previous count of deposited coins was 223,021,306

Doing the math on the latest statistics, customers averaged P4,159.46 per transaction (versus the previous count of P4,115.45 per transaction) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.7961 per coin deposited (versus the previous average of P3.7296 per coin deposited).

When it comes to the number of coins involved with each transaction, 250,352,704 coins divided by 228,482 transactions resulted in an average of 1,095.72 coins per transaction. This result shows that a lot of people out there are making big deposits by the jars and bags at the coin deposit machines.

Let me end this piece by asking you readers: What is your reaction to this recent development? Does your household or your local business still have plenty of loose change that you could possibly deposit into the nearest BSP coin deposit machine? Are many members of your local community aware that they can deposit their excessive coins into BSP coin deposit machines so that they can money into their respective GCash accounts?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Additional coin deposit machines installed by BSP in shopping malls

Additional coin deposit machines installed by BSP in shopping malls

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The Bangko Sentral ng Pilipinas (BSP) recently installed more coin deposit machines particularly in shopping malls which will give people more opportunities to put their idle or excessive Peso coins to use, according to a BusinessWorld news report. As of the end of September 2023, almost P100 million worth of coins have been deposited since the BSP launched their coin deposit machines project.

To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…

CONSUMERS have deposited P98.8 million worth of currency into the Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines (CoDMs) as of end-September or just three months after their rollout in June.

This is equivalent to 37.2 million pieces of coins from over 37,000 transactions, the BSP said in a statement. The highest single transaction recorded on the machines so far was worth P100,260.

“With more CoDMs installed in various retail establishments, the BSP expects wider public use that will lead to more efficient coin recirculation in the country,” the central bank said.

The BSP has completed its goal of deploying 25 coin deposit machine units across Metro Manila and other nearby provinces. The central bank began deploying CoDM units in June in partnership with Filinvest Lifemalls Corp., Robinsons Supermarket Corp., and SM Retail, Inc.

BSP Deputy Governor Bernadette Romulo-Puyat told reporters on Wednesday that the central bank is looking to roll out more machines across the country, adding that the BSP has been asked to set up some in Cebu, Davao, Pampanga, and Baguio.

“Right now, we are just assessing [the existing machines]. We’re talking to the provider how to make the machines better because the machines are usually jammed,” she said in mixed English and Filipino.

The machines can get stuck if the coins deposited are taped or bundled or if a consumer deposits foreign objects such as nails, tokens, and screws, she said.

“The ideal is when we deploy coin deposit machines, it would be stand-alone,” Ms. Romulo-Puyat said. “Now, the machines need technical assistance all the time.”

The demand for coin deposit machines has been higher than expected, with people lining up to deposit coins, she added.

“People have warmed up to it. The mere fact that people are asking when the BSP will deploy units in their area means people are looking for it,” she added.

The BSP has installed coin deposit machines in SM Megamall in Mandaluyong City, SM City Grand Central in Caloocan, SM City Marilao in Bulacan, SM City Taytay Rizal, SM Hypermarket FTI in Taguig City, SM Southmall in Las Piñas City, SM City Sucat in Parañaque, SM City Calamba, SM City Marikina, SM City San Mateo Rizal, SM City Valenzuela, Robinsons Place Metro East in Pasig City, Robinsons Place Antipolo City, Rizal, Robinsons Place Novaliches and Robinsons Place Magnolia, Quezon City.

The value of coins deposited in CoDMs may be credited to the depositor’s e-wallet account or converted into a shopping voucher for over-the-counter transactions. Customers depositing coins can credit the equivalent amount to their GCash or Maya e-wallets.

Let me end this piece by asking you readers: What is your reaction to this recent development? If there is a BSP coin deposit machine in your city, were you able to visit and deposit your coins? When was the last time you stored your coins in containers?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673